Swept Accelerates Product and Market Expansion with Growth Financing from FirePower Capital
TORONTO–(BUSINESS WIRE)–Swept Technologies Inc. (“Swept”), the leading field management software platform in the janitorial industry, today announced closing debt financing with FirePower Capital (“FirePower”), Canada’s entrepreneurial lender, investor, and M&A advisor. COVID-19 placed a huge spotlight on the janitorial industry resulting in increased expectations on these business owners and their front-line staff. As a former […]
TORONTO–(BUSINESS WIRE)–Swept Technologies Inc. (“Swept”), the leading field management software platform in the janitorial industry, today announced closing debt financing with FirePower Capital (“FirePower”), Canada’s entrepreneurial lender, investor, and M&A advisor.
COVID-19 placed a huge spotlight on the janitorial industry resulting in increased expectations on these business owners and their front-line staff. As a former business owner in this space, Michael Brown, founder and CEO of Swept, understands the unique challenges facing the industry today.
“Like other cleaning companies, I was operating blindly and typically found out about quality or staff problems from my customers and then reacted to these issues,” said Brown. “I knew there had to be a way to manage my operations and support my team, but I struggled to find an app specific to the janitorial industry. So, I built a solution for myself and then took it to market for the rest of the industry.”
Small- and medium-sized cleaning companies dominate the fragmented and growing $70B+ janitorial industry with many of these companies yet to adopt technology. This is where Brown sees the greatest opportunity.
Relating to the financing partnership with FirePower, Brown said “I have known the team at FirePower for years and couldn’t be more excited to have them in my corner and to leverage their experience as we advance our product and expand market share. With this injection of growth capital, we can ensure janitorial operators meet the increasing demands of their customers and lean into the critical role they play in our communities.”
“With the rapidly-changing dynamic of the janitorial services landscape, especially over the last two years, Swept’s integrated solution has been pivotal in addressing and overcoming pain points for entrepreneurs in this industry,” commented Trevor Simpson, Associate Partner, Private Debt at FirePower. “Swept has demonstrated consistent growth, and we are excited to embark on this long-term partnership with Michael Brown and his team to help them accelerate their ability to scale and gain industry adoption.”
About Swept Technologies Inc.
Swept is the leading field management software platform for the commercial cleaning industry. It connects cleaning companies with their front-line staff (cleaners) and clients to increase the quality of the cleaning service and the retention of employees and customers. Swept’s customers retain their clients 91% better than the industry average, and in an industry with employee turnover ranging from 100-400% annually, their clients have only 39% annual employee turnover. For more information, please visit www.sweptworks.com.
About FirePower Capital
FirePower Capital is the private capital and M&A advisory firm built for Canada’s entrepreneurs. Its team of 40+ deal professionals helps their mid-market businesses complete mission-critical transactions, by advising them or by investing in their companies directly. For more information, please visit www.firepowercapital.com.
Swept Technologies Inc.